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Gold Bar Price Rises to VND79 Million on February 16th, 2024

Following the recovery of gold prices in the global market to surpass $2,000 per ounce, prices of gold bars and jewelry in Vietnam have also turned upward by several hundred thousand VND per tael in the morning of February 16th, which falls on the seventh day of the first month in the lunar calendar.


At SJC Gold and Silver Company (SJC), Vietnam's largest gold retailer, the buying price was raised by VND500,000 compared to the previous evening, reaching VND77 million per tael. Meanwhile, the selling price saw a smaller increase of around VND200,000 to VND79 million per tael. The buying-selling price difference at SJC thus narrowed to VND2 million per tael.

Other major gold retailers like DOJI Gold and Gems Group and Phu Nhuan Jewelry Joint Stock Company (PNJ) still quoted selling prices below VND79 million per tael. Specifically, DOJI raised both prices by VND200,000 to VND76.65-78.95 million per tael. PNJ upped the buying price by VND450,000 to VND76.5 million and adjusted the selling price up by VND750,000 to VND78.75 million per tael.


Bangles and jewelry prices also rose VND200,000 per tael in the morning and returned to their all-time high levels. Pure gold bangles at Bao Tin Minh Chau were quoted at over VND64.9 million for buying and VND66 million for selling price per tael, while jewelry prices were around VND450,000 lower per tael. Meanwhile, gold for women at Mi Hong Jewelry saw a VND100,000 increase to VND62.5-63.5 million per tael.

For major brands like SJC, the price of pure gold bangles rose VND200,000 per tael to VND63.4-64.6 million. DOJI quoted Hung Thinh Vuong bangles at VND64.4-65.45 million per tael. Compared to bangles, women's jewelry was VND200,000-400,000 lower per tael.

The domestic gold price increased in line with international trends but the gap between the two markets widened to nearly VND19.5 million per tael. After plunging recently, overnight international spot gold prices show an upward trend, trading above $2,000 per ounce. The price rose around $14 to $2,004 per ounce, equivalent to VND59.53 million per tael using the reference exchange rate posted by Vietcombank.

On the eve of the God of Wealth's birthday, a survey of some reputable jewelry shops in District 5 and District 1 of Ho Chi Minh City found that customer traffic was busier than usual.

The owner of Kim Mai Jewelry on Cong Quynh Street in District 1 said that footfall in the first few days of the new year was livelier than before Tet but still less busy than previous years for this time of year. Traffic is expected to surge in the coming days. However, she noted that most people only buy a few taels of gold for luck in the new year rather than large volumes.

International gold rebounded on weaker US dollar and recession fears. The price uptick of domestic gold followed suit but the gap with global rates widened further due to various factors like high import taxes. Analysts anticipated continued upside potential for gold amid ongoing geopolitical tensions and economic uncertainties. Market participants will watch out for more cues that could sway global bullion market direction.

In summary, gold prices in Vietnam started the week ending February 16th on an upward note, with gold bars reaching VND79 million per tael in Ho Chi Minh City trading, tracking recovery in overseas rates from recent lows and supportive factors heading into the God of Wealth festival.

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